Better corporate governance can reduce the scope for increasing shareholder value and thus discourage M&A FDI inflows. Sound governance may also discourage non-M&A FDI inflows in light of the complementary relationship between M&A and non-M&A FDI. We use firm-level evidence to empirically...

Internationalisation of Russian companies has become a distinctive phenomenon and has drawn attention of scholars, practitioners and policy-makers alike. Newly emerged Russian companies have extended their presence from the nearest former Soviet republics to the advanced markets of Western...

Merger and acquisition (M&A) activity is motivated by increasing shareholder value through improved corporate governance. Therefore, stronger corporate governance can reduce the returns from M&A activity, including M&A foreign direct investment (FDI). This, in turn, can reduce the returns from...

On May 11-12, 2011, SUERF, the Belgian Financial Forum, the Brussels Finance Institute and the Centre for European Policy Studies (CEPS) jointly organised the 29th SUERF Colloquium New paradigms in money and finance? The papers included in this SUERF Study are based on contributions to the...

This paper investigates whether foreign institutional investors in emerging markets can enhance shareholder value. We pay special attention to two dimensions of investor heterogeneity: whether an investor declares itself as an activist, and whether an investor comes from a country with a strong...

The Paper takes a first look at the host and home country effects of German foreign direct investment (FDI) in Eastern Europe based on new survey data of 1050 investment projects in Eastern Europe by 420 German multinationals during the 1990s. We find that German investors transfer a substantial...

It is widely argued that foreign investment is a mechanism for improving corporate governance in emerging markets. The results of this paper, which uses firm-level data on 365 Thai firms, challenge this conventional wisdom. A firm-specific index of the quality of corporate governance is...

In 2013, non-resident ownership of shares in French CAC 40 companies grew at a slower pace than in the two previous years. At the end of the year, however, more than half of the French companies in the index were majority-owned by non-residents.

En 2013, la détention par les non-résidents des actions des sociétés françaises du CAC 40 a moins augmenté que les deux années précédentes. À la fin de l’année cependant, plus de la moitié d’entre elles étaient majoritairement détenues par des non-résidents.

At 31 December 2012, 46.3% of the equity capital of French CAC 40 companies was held by non-residents. Non-resident holdings rose by 2.2 percentage points compared with 2011. For the second consecutive year, foreign capital investments in these companies were the main factor behind the rise in...